Champion Iron (ASX:CIA) announced a conditional voluntary cash tender offer to acquire all outstanding shares of Rana Gruber, a Norwegian high-grade iron ore producer, at 79 Norwegian krone per share, valuing the transaction at approximately 2.93 billion krone.
The deal, unanimously supported by Rana Gruber's board and management, has already secured pre-acceptance commitments from shareholders representing around 51% of the company’s shares.
Champion plans to finance the acquisition through a combination of cash, a US$100 million equity private placement with long-time partner Caisse de dépôt et placement du Québec, and a fully underwritten US$150 million term loan from The Bank of Nova Scotia.
The acquisition positions Champion to expand its high-grade iron ore portfolio, leverage Rana Gruber's established production of over 1.8 million tons annually—including a recent upgrade to 65% Fe concentrate—and strengthen its presence in Europe while supporting the green steel supply chain.
Rana Gruber's assets, located in a stable Norwegian jurisdiction with access to renewable energy, are expected to deliver near-term accretive benefits to Champion's revenue, EBITDA, and cash flow.
Champion CEO David Cataford emphasised that the acquisition aligns with the company's strategic growth and sustainability goals, while La Caisse highlighted the deal's contribution to Champion’s long-term international expansion.
Subject to regulatory approvals and customary conditions, the offer is expected to launch in late January 2026, with completion anticipated in the second quarter of 2026.